EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Jun. 30, 2021

EQUITY INCENTIVE PLAN [Abstract]

Stock-Based Compensation Expense (Net of Recovery) Recognized

Stock-based compensation expense (net of recovery) recognized in the condensed consolidated statements of operations was classified as follows:

	For the three months ended June 30				For the six months ended June 30
	2021		2020		2021		2020
Cost of product sales	$	43,368	$	-	$	72,136	$	6,300
Research and development expenses		139,469		90,924		223,704		154,737
Selling, general and administrative expenses		403,007		293,301		869,792		610,089
Severance and related costs		-		-		-		(423,985	)
	$	585,844	$	384,225	$	1,165,632	$	347,141

Assumptions Made in Calculating Fair Values of Options

The weighted-average assumptions made in calculating the fair values of options are as follows:

	For the three months ended June 30, 2021			For the six months ended June 30, 2021
Expected term (in years)		6.0			5.0
Expected volatility		76.42	%		78.23	%
Expected dividend yield		1.01	%		0.81	%
Risk-free interest rate		2.03	%		2.93	%

Stock Option Activity

The following table provides stock option activity for the six months ended June 30, 2021:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contract Term	Aggregate Intrinsic Value
Outstanding at December 31, 2020	974,778	$	4.12	2.87 years	$	1,520,910
Granted	925,949		4.73			-
Exercised	-		-			-
Forfeited	8,682		5.89			-
Expired	25,000		5.64
Outstanding at June 30, 2021	1,867,045	$	4.40	7.08 years	$	388,182
Exercisable at June 30, 2021	526,210	$	4.79	4.28 years	$	173,621

Stock Options Outstanding

The following table summarizes information about stock options outstanding at June 30, 2021:

	Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices	Number of Shares		Average Remaining Contract Term (Year)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
_1 to 2.79999		636,364		5.71	$	2.36	$	388,182		284,624	$	2.36	$	173,621
2.8 to 4.59999		27,502		9.92		3.11		-		-		-		-
4.6 to 6.39999		946,514		9.16		4.81		-		14,961		5.49		-
6.4 to 8.19999		209,790		2.62		7.30		-		198,500		7.27		-
8.2 to 12		46,875		2.10		11.45		-		28,125		11.45		-
Total		1,867,045		7.08	$	4.40	$	388,182		526,210	$	4.79	$	173,621

Summary of Restricted Stock and Restricted Stock Units Outstanding

The following table summarizes information about restricted stock, restricted stock units and performance stock units outstanding as of June 30, 2021:

	Number of Shares & Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		603,531	$	3.08
Granted		334,564		4.66
Vested		130,907		2.36
Forfeited		4,126		5.34
Outstanding at June 30, 2021		803,062	$	3.67